O.C. gold-coin dealer closes after complaints of delays

March 7, 2014

Updated March 8, 2014 8:15 a.m.

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Gold-coin dealer The Tulving Company has closed, according to a sign on the door of its Costa Mesa offices. A state agency is investigating the company, which has been accused of late or missing precious-metal shipments across the country. LILY LEUNG, ORANGE COUNTY REGISTER

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A flood of customers across the nation have complained about late or missing shipment orders of gold coins promised by Orange County-based retailer Tulving Company. WIKIMEDIA COMMONS

Gold-coin dealer The Tulving Company has closed, according to a sign on the door of its Costa Mesa offices. A state agency is investigating the company, which has been accused of late or missing precious-metal shipments across the country. LILY LEUNG, ORANGE COUNTY REGISTER

An Orange County coin dealer who has been accused by frustrated customers nationwide of delaying numerous gold- and silver-coin shipments has closed shop, according to a posting on the company's Costa Mesa office window.

“The Tulving Company has closed. More information the week of March 10th,” reads the sign, which was seen Thursday at the firm's headquarters.

It appears a flood of complaints against The Tulving Company and owner Hannes Tulving Jr. led to a state investigation.

During at least the past year, a surge of customers as far away as Maryland have complained to his company and the Better Business Bureau about late or missing orders of rare, precious-metals coins. The BBB has fielded more than 150 complaints since last summer and received 5,600-plus inquiries since 2010.

Some customers have reported losing tens of thousands of dollars in investments, leading many to complain at online coin forums and to California authorities. A few have filed lawsuits.

Kevin Pyle, a military veteran in Eldersburg, Md., says he's out more than $24,000 for 20, 1-ounce Canadian Maple Leaf gold coins that never made it from Tulving's office to his home.

Pyle, 45, placed the order in December and was promised it would arrive within three weeks, he said. Once five weeks passed, he ramped up his calls to the company but got nowhere.

“When you call there, you talk to shipping,” Pyle said. “She always had the same story, ‘I don't know where your coins are. … (Tulving) tells me on a daily basis who will get their coins and what will be shipped.'”

Pyle filed a complaint with the California Department of Business Oversight, which told him in an email it was investigating Tulving but offered no specifics. The agency told the Register it could not confirm or deny an investigation, citing policy.

The Tulving Company told another military veteran, San Diego resident Dean Marzano, to expect his $39,000 order of American Eagle coins within a week. His delivery instead arrived four months later – after the Better Business Bureau was alerted and the Register wrote a story about Marzano's plight.

The coin dealer, whose business also has a Newport Beach address, was scrutinized for similar dealings more than 20 years ago. The Federal Trade Commission accused Tulving in 1990 of overpricing rare coins and reneging on return guarantees through another company, Hannes Tulving Rare Coin Investments, which was based in Newport Beach.

The operation was called “a sophisticated scheme to defraud customers” out of more than $40 million, investigators said. Hannes Tulving ultimately agreed to pay $1.3 million in a settlement in 1992, but it's unclear from federal documents if the settlement was paid in full.

Multiple attempts by the Register to reach Tulving by phone, email and in person have proved unsuccessful.

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